Retirement may seem like a long way away, but you need to start planning long before you stop working. Most people need to save for many years to have enough money to retire.
Did you know?
Canadians are retiring younger than ever. Between 1987 and 1990, 29% of Canadians retired before they turned 60. Between 1997 and 2000, that rate grew to 43%. (Source: Human Resources and Skills Development Canada)
Where do you start? Here are some common questions people ask about saving for retirement:
Saving for retirement is a long-term goal. You have to balance it with other life goals, like paying off a mortgage, saving for your child's education, and caring for aging parents.
Just remember: Canadians are living longer these days. That means you will likely need more money to live on in your senior years. So don’t put off saving. Start putting aside some of your pay today.